United Oil & Gas Share Discussion Threads

[swanvesta] 30/9/2020 11:05

I can understand the 'bagholder' sentiment here, but would just point out it applies to the majority of O&G shares at the moment. Many are in far worse shape.

If the oil price had stayed at $60+ the Egypt acquisition would already be producing cash hand over fist. So I can't see you can blame the board for taking up that opportunity when they did. In fact I think they should be commended for looking after the downside and ensuring that the asset would produce useful cashflows even at today's prices. As I've pointed out, other companies paid perhaps 5x as much (per barrel) for less efficient assets.

I don't see anything wrong with the Egypt business. You have to look at it as it is, under current conditions, which (though not ideal) are very much better than H1. H1 was absolutely abysmal for everyone in the sector, and the asset still managed to produce positive cashflow.

[hermana3] 30/9/2020 09:35

Tis all about the transformational wee man with the colossal ego here!!!!

[the chairman elect] 30/9/2020 09:33

You never hear from them but in my view the ones to seriously pay attention to @ UOG are the COO & the CFO

[the chairman elect] 30/9/2020 09:30

CHIEF FINANCIAL OFFICER – DAVID QUIRKE

David has 17 years of treasury and corporate finance experience in the upstream oil and gas sector. He established and led the Tullow Oil Group Treasury function for a fifteen-year period from 2003 to 2017, supporting a period of transformational growth. He has extensive experience of the key exploration & production (‘E&P̵7;) debt and equity instruments such as Reserves Based Lending Facilities, Acquisition Facilities, Corporate Bonds, Trade Finance Facilities and Equity Transactions. More recently, David acted as a Treasury and Financial Consultant advising Assala Energy on their corporate finance and treasury following the acquisition of Shell’s onshore assets in Gabon. He has also supported a number of small E & P companies in managing their capital structure and developing financial strategies. David is a qualified chartered management accountant. He holds a BA in Law and Accounting from the University of Limerick.

[soulsauce] 30/9/2020 09:26

Thanks cpap just in case we didn't know who you meant by JL lol.

Quite a lofty new name you have given yourself there cpap, was there a touch of irony in there lol.

[the chairman elect] 30/9/2020 09:20

CHIEF OPERATING OFFICER – JONATHAN LEATHER

Jonathan has 18 years experience in the oil industry and holds a Geology degree from Oxford University, a PhD in Sedimentology from Trinity College, Dublin, and an MBA from Warwick University. He worked for Tullow Oil from 2007 to 2015, where he held a number of senior positions, including membership of the Global Exploration Leadership Team. He also managed Tullow’s Subsurface Technology Group – a team he established and built up to provide specialist technical input across the company in both exploration and development. As part of this, he worked on global assets and opportunities ranging from onshore producing fields to deepwater frontier exploration.

Prior to Tullow Oil, Jonathan worked for Shell UK Ltd. During his time there he was involved in a number of exploration and development projects, and worked on North Sea, European, Middle Eastern and Malaysian assets.

[soulsauce] 30/9/2020 09:05

cpap none of that is true of myself and 9tintin, what you are actually saying is that you can't take a two way balanced debate.
That the comments from us have been much nearer the mark than your ramping rubbish means nothing to you and the way you deal with it is to call us out as shorters and derampers, after changing your name.

[the chairman elect] 30/9/2020 09:01

I have absolutely no problem with balanced two way debate but I can not stand posters who clearly have their own extremely selfish de-ramping shorting agenda who work all hours to try and completely kill a share off.

Yes UOG is not perfect but it does have many very good things going for it such as a gentleman with the initials JL

He is the one to focus in on and NOT the other one that talks a great game!

[soulsauce] 30/9/2020 09:00

Yeah you know, the one's who haven't changed their name to save face cpap ;-)

[the chairman elect] 30/9/2020 08:57

Genuine posters....lol!

[9tintin] 30/9/2020 08:55

For those genuine posters on this board I can assure them that I have never shorted any share in my life.

I hold 500,000 shares in UOG (since April '18) I have not sold one single share, not sure why I need to explain this - except being called out by a numpty, who is now on my filter list.

I am though, immensly disappointed with how matters have developed since the shareholders were told the deal to buy Rockhopper ME assets would transform the company. I appreciate the macroeconomic situation has affected it's prospects and the POO hasn't helped but ATM the promises made by Larkin do seem a little(?) hollow.

The market, which is rarely wrong - seems to share my reservations.

I'm well under water on these, so I will hang around for Italy to come on line and/or POO to recover and then when break even arrives I will exit.

Can't wait for a JV partner to appear for Jamaica - LOL

tintin

[spangle93] 29/9/2020 14:18

Thanks swanvesta - I might be OK at the technical side, but don't have forensics on accounts. Your explanations are helpful

[soulsauce] 29/9/2020 13:53

And Chairman Elect or should I say cpap, daring to have a go at a genuine poster in 9tintin when you are that disingenuous to have changed your avatar due to your poor posting history and being marked down so frequently.
Poor form cpap, give your head a wobble you numpty.

[swanvesta] 29/9/2020 13:47

I know this to my cost from PHAR. But there they have opex of $11, and need meaty capex to maintain production, so are still being murdered at current POO. Egypt only works at these oil prices if you can produce cheaply with moderate capex. [Edit: PHAR also have massive admin expenses. 10x UOG.]

[swanvesta] 29/9/2020 13:44

I respect spangle's technical expertise, but if you're looking at the net profit and assuming revenue must scale proportionally to grow profits you're missing the boat. Government take in Egypt is on revenue not on operating profit, and would indeed have to be massive to explain the numbers otherwise! But the egyptian terms are 57% of revenue, no allowance for either capex or opex, therefore huge leverage on oil price.

[soulsauce] 29/9/2020 13:40

90005nelson that fall down to 1.1p was due to Covid and could be applied to most stocks. The market response quite clearly shows disappointment and rightly so. Long termers were promised a transformational deal when this was over 4p and that is what you should be measuring it by. Larkin is full of it. Oh wait I missed the sh.

[swanvesta] 29/9/2020 13:29

Some answers from the CC:

10-15% annual decline expected
2300boepd H2 is a conservative forecast
Very little capex for remainder of 20
ASH3 spud by YE, updip from ASH2
3 more dev wells (currently deferred) to be drilled in 21
explo well in 2Q21, target not yet decided

Hibiscus payment milestone is submission of field dev plan

Environmental permits in Italy hopefully by EOY

Brian has everything he owns invested
Same for the rest of the team
Worst market for 10 years
Companies that can survive will do well

[the chairman elect] 29/9/2020 13:20

This question could apply to various posters but for now I will apply it to the super de-ramper spreader namely 9tintin - are your UOG shorts via a CFD or a SBET?

[90005nelson] 29/9/2020 12:30

But the share price went as low as 1.1p and today is 2.7p, that's transformational too then.

[9tintin] 29/9/2020 12:12

Nelson

4p to 2.5p IS transformational !!

SP is the only marker worth quoting in connection with the word

tintin

[90005nelson] 29/9/2020 12:00

I don't understand how anyone who bought in higher (when the company was generating nothing) could say it's not transformational news. Perhaps that's what they do buy high sell low. They made a profit when the price of oil was on the floor instead of a loss like previous years, now that's transformational.

[swanvesta] 29/9/2020 10:46

$1.2m was end of June? Since then operating CF of approaching $1m per month. And they're expecting $2.85m in December for the Crown disposal.

Would welcome some discussion of my numbers, since you've all presumably looked at them closely and found them wanting. I only have a small position here so far.

[spangle93] 29/9/2020 10:43

tintin, well, you heard it here first..

This is the first communication where Larkers has dropped the 1H2020 for Selva, it's now just "We now estimate that production will come on stream in 2021."


If anyone is attending the 12 noon presentations, could you clarify how much money has been received from Anasuria Hibiscus for Crown so far, and how much they are expecting to be paid at the end of 2020? (RNS in July 2019 says "Subject to further milestones being achieved, an additional sum of up to US $3 million will be paid before the end of 2020", which is pretty fluffy on timing, amount, and milestones)

Today's RNS does say "The Company is anticipating receipt of a further payment of $2.85m from Hibiscus in December of this year." but it would be good to know on what basis and what are the milestones.

While they talk about successfully adding value and disposing of Crown, I think they are banking results that haven't yet contributed to the bottom line (like they do with how they've grown production in Egypt, even though it's not them that is doing it, and even though as we read, some of the production in their spoken figures is far from hooked up).

[9tintin] 29/9/2020 10:18

Regarding Optiva's list of proposed activities for UOG, how the hell are they going to pay for any of that with a cash balance of $1.2M??

I see no mention of Italy going forward,,,,,,,,,,,,,,,

I fear the kite is flying way to high.

17.7p to 20.5p valuation? - market says it's worth just 2.7p

The numbers were disappointing IMO.

Can see why any rise over 3p was sold into.



tintin